NEW YORK, June 5, 2020 /PRNewswire/ -- OnDeck® (NYSE:
ONDK), the leader in online lending to small business, announced
that it received notice from the New York Stock Exchange, or NYSE,
that the Company does not meet an NYSE continued listing standard
that requires the Company to maintain a minimum average closing
price of $1.00 per share over a
period of 30 consecutive trading days.
The Company notified the NYSE of its intent to cure the
deficiency and return to compliance with the NYSE continued listing
requirements and is evaluating options to do so. Under the NYSE's
rules, the cure period traditionally extends for six months
following receipt of the notification. However, the NYSE has
extended the cure period relating to this listing standard to
January 1, 2021, in recognition of
unprecedented market declines resulting from COVID-19.
The Company can regain compliance if, by the end of the cure
period, OnDeck common stock has a closing share price of at least
$1.00 and an average closing share
price of at least $1.00 over the
preceding 30 trading-day period. Alternatively, the Company
can also demonstrate an accelerated cure based on a $1.00 share price on both the last trading day of
any calendar month within the cure period and the average share
price of the 30-trading days preceding the end of that month.
During the cure period, the Company's common shares will
continue to trade on the NYSE under the symbol "ONDK" but will have
an added designation of ".BC" to indicate the status of the shares
as "below compliance" subject to compliance with other continued
listing requirements.
The notice does not affect the Company's business operations, or
its Securities and Exchange Commission reporting requirements, and
does not cause an event of default under any of the Company's debt
agreements.
About OnDeck
OnDeck (NYSE: ONDK) is the proven
leader in transparent and responsible online lending to small
business. Founded in 2006, the company pioneered the use of
data analytics and digital technology to make real-time lending
decisions and deliver capital rapidly to small businesses
online. Today, OnDeck offers a wide range of term loans
and lines of credit customized for the needs of small business
owners. The company also offers bank clients a
comprehensive technology and services platform that facilitates
online lending to small business customers through ODX, a wholly
owned subsidiary. OnDeck has provided over $13 billion in loans to customers in 700
different industries across the United
States, Canada and
Australia. The company has an A+
rating with the Better Business Bureau and is rated 5 stars by
Trustpilot. For more information, visit www.ondeck.com.
Safe Harbor Statement
This press release contains forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of 1995
and other legal authority. Forward-looking statements can be
identified by words such as "will," "enables," "targets,"
"expects," "intends," "may," "allows," "plans," "continues,"
"believes," "anticipates," "estimates" or similar expressions.
Forward-looking statements are neither historical facts nor
assurances of future performance. They are based only on our
current beliefs, expectations and assumptions regarding the future
of our business, anticipated events and trends, the economy, the
COVID-19 pandemic and other future conditions. As such, they are
subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and in many cases
outside our control. Therefore, you should not rely on any of these
forward-looking statements.
Our expected results may not be achieved, and actual results may
differ materially from our expectations. Important factors that
could cause or contribute to such differences include risks
relating to: our ability to cure the deficiency described above and
restore compliance with the NYSE continued listing standards or
maintain compliance with other NYSE continued listing requirements;
our ability to obtain the necessary approvals to implement a cure;
and other risks, including those described in Part II - Item 1A.
Risk Factors in our Form 10-Q for the quarter ended March 31, 2020, Part I - Item 1A. Risk Factors in
our Annual Report on Form 10-K for the year ended December 31, 2019 and other documents that we
file with the Securities and Exchange Commission, or SEC, from time
to time which are or will be available on the SEC website at
www.sec.gov.
OnDeck, the OnDeck logo, OnDeck Score, ODX and OnDeck
Marketplace are trademarks of On Deck Capital, Inc. or its
subsidiaries.
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SOURCE On Deck Capital, Inc.